Index falls to 1-week low on cool sentiment
By Hu Xiaocen |
June 21, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell to a one-week low on weak investor sentiment, with property developers leading the key index to decline.
The Shanghai Composite Index shed 0.34 percent to 2,292.88 points.
Property stocks fell after the Ministry of Housing and Urban-Rural Development reiterated the government will not relax controls.
Poly Real Estate Group Co, the nation's second-biggest listed developer, and Shanghai Xinmei Real Estate Co both slumped 1.6 percent to close at 11.54 yuan (US$1.81) and 6.69 yuan. Shanghai New Huang Pu Real Estate Co shed 0.7 percent to 9.05 yuan.
Founder Securities said in a latest report the slowing economy, rising inventories and falling prices dimmed the prospects of the coal industry.
Zhengzhou Coal Industry and Electric Power Co shed 0.7 percent to 8.73 yuan. Pingdingshan Tianan Coal Mining Co lost 0.6 percent to 10.60 yuan.
In a report yesterday, Basing Investment Co said: "The government took more action to stabilize the economy. The China Banking Regulatory Commission recently called for an expansion in credit to promote economic development, especially in trade financing and selective projects of railway and other infrastructure construction."
The brokerage is confident the market will stage a rebound on these measures.
The Shanghai Composite Index shed 0.34 percent to 2,292.88 points.
Property stocks fell after the Ministry of Housing and Urban-Rural Development reiterated the government will not relax controls.
Poly Real Estate Group Co, the nation's second-biggest listed developer, and Shanghai Xinmei Real Estate Co both slumped 1.6 percent to close at 11.54 yuan (US$1.81) and 6.69 yuan. Shanghai New Huang Pu Real Estate Co shed 0.7 percent to 9.05 yuan.
Founder Securities said in a latest report the slowing economy, rising inventories and falling prices dimmed the prospects of the coal industry.
Zhengzhou Coal Industry and Electric Power Co shed 0.7 percent to 8.73 yuan. Pingdingshan Tianan Coal Mining Co lost 0.6 percent to 10.60 yuan.
In a report yesterday, Basing Investment Co said: "The government took more action to stabilize the economy. The China Banking Regulatory Commission recently called for an expansion in credit to promote economic development, especially in trade financing and selective projects of railway and other infrastructure construction."
The brokerage is confident the market will stage a rebound on these measures.
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